British prime minister to pledge investment into R&D

Britain’s businesses need clarity on Brexit, prime minister Theresa May has acknowledged, but she failed to provide much further illumination yesterday on her government’s likely approach to European Union departure negotiations.

The view supports what appears to be a concerted effort to earn the support of British business amid criticism that the government’s post-Brexit vote plans lack cohesion and discipline.

“Theresa May has talked about an economy that works for everyone – that includes workers, employees, consumers, the supply chain businesses – so we will put forward a series of ways in which those voices can be represented on boards”.

Mr Barnier was dismissive about the visit, tweeting that he is focussed on the rest of the European Union and that there would be no Brexit negotiations until Article 50 is triggered.

May added that she wanted Britain to have the lowest corporation tax rate in the G20, a direct riposte to US President-elect Donald Trump’s claim he would cut the rate to 15% from 35%.

“But there are important issues at stake here for the European Union upon which I hope there is reflection by all the member states”.

The comments came at a Monday conference organized by lobby group the Confederation of British Industry (CBI) as May seeks to win back business support following critical rhetoric she deployed in several set piece speeches.

GMB general secretary Tim Roache said: “The mask is slipping – nice speeches followed by broken promises will not help working people get fairness and dignity in the workplace”.

At yesterday’s glitzy gathering at the Grosvenor House Hotel on London’s exclusive Park Lane, she ruled out making employee reps compulsory as she proclaimed: “We believe in capitalism”.

Officials in Brussels described the meeting between Mr Barnier and Mr Davis as a “courtesy coffee” and said that negotiations on Brexit could not begin until Article 50 had been triggered.

She signalled stronger shareholder powers to veto fat cat remuneration levels as part of a new Government industrial strategy.

The CBI speech came just two days ahead of Philip Hammond’s Autumn Statement and included a range of business-friendly plans, including an ambition to ensure the United Kingdom has the lowest corporate tax rates in the G20 group of advanced economies, and measures to boost productivity.

Head of advocacy at ActionAid, Charlie Matthews, argued that the prime minister should “rethink her plan” on cutting corporation tax as it “risks damaging public trust in business”.

The CBI conference precedes Chancellor of the Exchequer Philip Hammond’s Autumn Statement on the economy Wednesday, when he will outline the government’s near-term priorities for tax and spending.

The Labour leader, who this year revealed he has been reading Wilson’s memoirs, is referring to the “white heat of technology” speech at the 1963 Labour conference, shortly before he became prime minister. “The aim of corporate governance reform, after all, must be to address the UK’s core economic weaknesses on productivity, investment and fair growth”.